I received various K-1 forms for 2020. 2 of the K-1 forms were generated from limited partnership investment activity in my self-directed IRA... others were generated from a joint non-IRA account. I am certain I will need to report/file on the non-IRA account, however, do I need to enter anything for the IRA account activities since they are not taxable.
You'll need to sign in or create an account to connect with an expert.
You do not report any income (or loss) occurring within your IRA account on your tax return.
do the IRA k-1's report unrelated business taxable income (UBTI) in box 20?
if over $1000 you need to furnish the k-1's to the IRA trustee because the IRA owes a tax on the UBTI.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Al2531
Level 2
Robert2035
Level 1
jeff7
Level 3
StanlyDiamonds
Level 1
lucyx513
Returning Member